The global HVAC sensors market was valued at US$ 3,222.20 million in 2019 and is projected to reach US$ 5,264.70 million by 2027; it is expected to grow at a CAGR of 6.7% during 2020–2027.
Based on geography, the HVAC sensors market is segmented into North America, Europe, APAC, MEA, and SAM. APAC dominated the market in 2019 owing to factors such as diverse climatic conditions, rising population, growing spending capability of people, availability of affordable systems, and rapid urbanization in the developing countries of APAC. Also, the presence of various HVAC systems and HVAC sensors manufacturers in countries such as China and India is influencing the demand for HVAC sensors in the region.
increasing population in the region and growing economic capabilities of various nations have promoted the adoption of HVAC systems. The enhancing adoption of an air conditioner in Southeast Asia creates a strong opportunity for the market players. According to the IEA report, in November 2019, only 15% of households in Southeast Asia had air conditioners, indicating huge potential for the market players. The factors such as rising incomes among individuals and increasing temperatures are fueling the adoption of HVAC systems. According to IEA report, the Southeast Asian region is expected to reach the consumption of 300 million units by 2040. The increasing pollution and demand for energy-saving smart technologies, such as smart HVAC systems are expected to accelerate the market growth during the forecast period. Also, companies in the market are further enhancing their solution offering, which is supplementing the market growth. For instance, Delta company is offering O3 zone control systems for smart buildings equipped with a new O3 Sensor Hub to control HVAC, intelligent lighting, access control, and other systems in the specific zones. Such development in smart building solutions offering creates a lucrative opportunity for the market growth.
The HVAC sensors market is segmented on the basis of type, end user, and geography. Based on type, the market is segmented into temperature sensors, humidity sensors, pressure and flow sensors, motion sensors, smoke and gas sensors, and others. The demand for efficient HVAC systems is gradually increasing owing to rising electricity prices worldwide. According to the US DoE estimates, HVAC accounts for ~45% of the average household’s electricity costs. According to the National Electrical Manufacturers Association (NEMA), ~45% of the US government’s energy is used by HVAC systems in the building. An HVAC system regulates and monitors the pressure, temperature, and quality of air. Sensor is a vital component of any HVAC system that maintains an indoor climate and increases the efficiency of these systems. Moreover, these sensors are integrated into HVAC systems for building automation controls.
According to Electronic Components Industry Association (ECIA), the emergence of COVID-19 outbreak has caused delay in product releases, disruption in supply chain events, and other industry activities. Several manufacturers are temporarily halting the manufacturing units owing to the lesser demand for the products, as a result of lockdown measures and limited manufacturing resources. The manufacturers of various electronic and semiconductor products, such as sensors, are experiencing substantial delay in lead times, which has weakened the supply chain. All these factors are hindering the HVAC sensors market.
Overall size of the HVAC sensors market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the HVAC sensors market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts, and key opinion leaders, specializing in the HVAC sensors market. A few key companies profiled in the report are Emerson Electric Co., Belimo Aircontrols (USA) Inc., Honeywell International Inc., Johnson Control, Schneider Electric, Semantic AS, Sensata Technologies Inc., Sensiron AG, Siemens AG, and TE Connectivity. Various other market players are analyzed, which contribute substantial revenues toward the growth of HVAC sensors market.